What is missing from the public perception is how through the history of modern capitalism, the state has done, and continues to do, what markets simply won’t. This is not about its role in simply fixing ‘market failures’, but its role in directly shaping and creating markets. Take the financial sector. A well-functioning financial system must in theory fund the capital development of the economy, promoting economic growth and rising living standards. One of the biggest banks in the US is called Chemical Bank because it had its origin in funding the chemical sector—unthinkable today that a bank would be so focussed on the real economy!

Yet in recent years finance has not been funding investment or innovation in the real economy but financing… itself. Since the 1970s, financial innovations coupled with deregulation have made it easier to earn profits from speculative investments in financial assets.

Yet capital development of the economy requires ‘patient, long-term committed finance’. Indeed the IT revolution in the US, was financed initially by patient public finance provided by a network of strategic and mission-oriented agencies: like DARPA in the Department of Defense, NIH in the Department of Health, NSF, NASA, and the Small Business Innovation Research program (which has given more early stage high risk finance to companies than the entire venture capital sector).

Pray for Trump: Psalm 109:8

"Science is more than a body of knowledge; it is a way of thinking. I have a foreboding of an America in my children's or grandchildren's time - when the United States is a service and information economy; when nearly all the key manufacturing industries have slipped away to other countries; when awesome technological powers arc in the hands of a very few, and no one representing the public interest can even grasp the issues; when the people have lost the ability to set their own agendas or knowledgeably question those in authority; when, clutching our crystals and nervously consulting our horoscopes, our critical faculties in decline, unable to distinguish between what feels good and what's true, we slide, almost without noticing, back into superstition and darkness.”

— Carl Sagan
The Demon-Haunted World: Science as a Candle in the Dark
1995

“As democracy is perfected, the office of president represents, more and more closely, the inner soul of the people. On some great and glorious day the plain folks of the land will reach their heart's desire at last and the White House will be adorned by a downright moron.”

— H.L. Mencken
On Politics: A Carnival of Buncombe

“The test of our progress is not whether we add more to the abundance of those who have much; it is whether we provide enough for those who have too little.”

Yet capital development of the economy requires ‘patient, long-term committed finance’. Indeed the IT revolution in the US, was financed initially by patient public finance provided by a network of strategic and mission-oriented agencies: like DARPA in the Department of Defense, NIH in the Department of Health, NSF, NASA, and the Small Business Innovation Research program (which has given more early stage high risk finance to companies than the entire venture capital sector.)

Didn't we discuss this back in the late 80's ? Our current business models then and now emphasize the "quick profit" vs long term planning philosphy. If the CEO isn't showing a profit in a year, then they're out. A new person takes over who will get that stock going up. Never mind that new widget you're working on will be a big money maker in three years - we need the money now.

Nothing in the world is more dangerous than sincere ignorance and conscientious stupidity.

Rev Martin Luther King Jr.

Obamacare took my guns away and put me in a FEMA reeducation camp.

Anonymous

If you've got public schools paid for by taxpayers, you're in a socialist nation. If you have public roads paid for by taxpayers, socialist nation. If you've got public defense (police, fire, military, coast guard) paid for by tax dollars, socialist nation. If you're in a nation that has nationalized or localized delivery of services that are not paid for by users alone, you're in a socialist nation- the only question is how socialist. As I see it, we have the military pay to protecting the shipping lanes for our fuel needs which makes up very socialist. In a capitalist nation, the people supplying the oil would pay for their own defense force.

Yet capital development of the economy requires ‘patient, long-term committed finance’. Indeed the IT revolution in the US, was financed initially by patient public finance provided by a network of strategic and mission-oriented agencies: like DARPA in the Department of Defense, NIH in the Department of Health, NSF, NASA, and the Small Business Innovation Research program (which has given more early stage high risk finance to companies than the entire venture capital sector.)

Didn't we discuss this back in the late 80's ? Our current business models then and now emphasize the "quick profit" vs long term planning philosphy. If the CEO isn't showing a profit in a year, then they're out. A new person takes over who will get that stock going up. Never mind that new widget you're working on will be a big money maker in three years - we need the money now.

Most every problem that western civilizations currently have can be traced to the short term mindset. We primarily only consider our own immediate comfort and pleasures with very little concern for the generations ahead.

I think that is one reason to fear China and other Asian societies from a strategic standpoint. They seem to have far greater vision and sense of collective sacrifice

"All glory to the HypnoTrump, or else..."

"It all makes sense when you remind yourself that the GOP is no longer a political party but turned into an organized crime family"

"I hope to live long enough that the name Trump is reviled as much as the name Hitler or Stalin"

Our current business models then and now emphasize the "quick profit" vs long term planning philosphy. If the CEO isn't showing a profit in a year, then they're out. A new person takes over who will get that stock going up. Never mind that new widget you're working on will be a big money maker in three years - we need the money now.

That, I'm told, is what they teach at Harvard School of Business. It works, too -- because if you don't follow that approach, you'll be replaced by someone who does.

The way a lot of catastrophes happen is that X doesn't occur because there are safeguards in place, therefore people assume X isn't a worry and they remove the safeguards. Then X happens.
— Nate Silver
"Robots aren't the problem. Capitalism is." -- Last words of Stephen Hawking.
These days, "libertarian" is just a euphemism for a Nazi who's afraid to commit.
"If you're not outraged, you're not paying attention." -- Heather Heyer
"I'd rather have my child, but by golly, if I gotta give her up, we're gonna make it count." -- Her mother
"Your purpose, then, plainly stated, is that you will destroy the Government, unless you be allowed to construe and enforce the Constitution as you please, on all points in dispute between you and us. You will rule or ruin in all events." -- some RINO

Graduate engineers are now expected to earn their employer money from day 1. Electronic engineers achieve this in part by learning all manner of application software and industrial problems. It used to be that engineers learnt extended physics and maths plus the theory of their engineering discipline. Graduates could switch easily to another branch of engineering. The downside was that a graduate would need to spend a year or two in the job before they made their boss any money. I cannot help thinking that now days the hollowed out theory stunts performance. It is angled for short term gain.

A doctor knows a little about a lot. A specialist knows a lot about a little. In time the doctor knows less and less about more and more and the specialist knows more and more about less and less until ultimately the doctor knows nothing about everything and the specialist knows everything about nothing.

I cannot help thinking that now days the hollowed out theory stunts performance. It is angled for short term gain.

There was a move afoot to make sure MBA and other business people were introduced to the humanities. it was thought this would broaden their horizons and look at problems from an holistic perspective. (Not just the bottom line but what happens to ____________ ?

Its also apparent this administration has NEVER done a "what if" before implementing their policies.

Nothing in the world is more dangerous than sincere ignorance and conscientious stupidity.

Rev Martin Luther King Jr.

Obamacare took my guns away and put me in a FEMA reeducation camp.

Anonymous

If you've got public schools paid for by taxpayers, you're in a socialist nation. If you have public roads paid for by taxpayers, socialist nation. If you've got public defense (police, fire, military, coast guard) paid for by tax dollars, socialist nation. If you're in a nation that has nationalized or localized delivery of services that are not paid for by users alone, you're in a socialist nation- the only question is how socialist. As I see it, we have the military pay to protecting the shipping lanes for our fuel needs which makes up very socialist. In a capitalist nation, the people supplying the oil would pay for their own defense force.

There was a move afoot to make sure MBA and other business people were introduced to the humanities. it was thought this would broaden their horizons and look at problems from an holistic perspective. (Not just the bottom line but what happens to ____________ ?

Its also apparent this administration has NEVER done a "what if" before implementing their policies.

To be fair it does depend what section of engineering you are aiming for. If you are going to do blue sky research then theory is good. If you are in a start up then a bit of both is good and if you are part of a 100 man team then maybe todays way has some advantages. I think what we need today are more blue sky researchers.
I started out in analog engineering and I saw the computer guys got more respect and more money for less effort, so I did a refresher course in Embedded Software Engineering. It did not involve a single line of code. It dwelt on specifications, customer run-throughs, software cycles, management, Jackson, ADA, code maintenance, hierarchy, inter-communication skills, risk evaluation, interviews, iteration, approximations, real modular design, ---. But no code. It was the best thing that ever happened to me.

A doctor knows a little about a lot. A specialist knows a lot about a little. In time the doctor knows less and less about more and more and the specialist knows more and more about less and less until ultimately the doctor knows nothing about everything and the specialist knows everything about nothing.

OTOH, the best thing to happen to me was the physics I took as an undergrad. Fifteen years later it took me straight into signal integrity at high speed and ten years after that into designing the high-speed I/O circuits for data transmission. The CS degree never did turn into any coding, unless you mean models.

The way a lot of catastrophes happen is that X doesn't occur because there are safeguards in place, therefore people assume X isn't a worry and they remove the safeguards. Then X happens.
— Nate Silver
"Robots aren't the problem. Capitalism is." -- Last words of Stephen Hawking.
These days, "libertarian" is just a euphemism for a Nazi who's afraid to commit.
"If you're not outraged, you're not paying attention." -- Heather Heyer
"I'd rather have my child, but by golly, if I gotta give her up, we're gonna make it count." -- Her mother
"Your purpose, then, plainly stated, is that you will destroy the Government, unless you be allowed to construe and enforce the Constitution as you please, on all points in dispute between you and us. You will rule or ruin in all events." -- some RINO

OTOH, the best thing to happen to me was the physics I took as an undergrad. Fifteen years later it took me straight into signal integrity at high speed and ten years after that into designing the high-speed I/O circuits for data transmission. The CS degree never did turn into any coding, unless you mean models.

Ha, I started out on high speed pcm encoding, (grey to binary) then slipped into analog then into embedded software. the analog digital interface needs a lot of skills. At least it used to. Now a 2 dollar ARM cortex does 2 million samples a sec with 3 channels.

In those days high speed meant current switching, longtail pairs and so on. Nowdays I guess it is on chip.

I think the physics and maths helped me a lot too.

Edited by George Rowell, 09 January 2019 - 09:53 AM.

A doctor knows a little about a lot. A specialist knows a lot about a little. In time the doctor knows less and less about more and more and the specialist knows more and more about less and less until ultimately the doctor knows nothing about everything and the specialist knows everything about nothing.